Many buyers searching for "foreclosed homes" in Ontario picture the US model, where banks repossess and directly resell properties, often through a courthouse auction. Ontario works differently. Most defaulted-mortgage properties here go through Power of Sale, which generally proceeds without a court action: after a required notice period, the lender can sell the property directly, and any surplus is returned to the homeowner only after sale expenses, the mortgage debt, and any other claims with legal priority have been paid. Foreclosure, where the lender takes full legal ownership of the home, does exist in Ontario but is comparatively rare and requires a court application.
Because of this, there is no separate "foreclosure marketplace" to search. Power of Sale properties are typically marketed through MLS, the same way as any other resale home, by a licensed real estate brokerage. If you come across a source claiming to sell access to an exclusive or private bank-owned list outside of MLS, treat it with caution.
If you're specifically interested in this category of property, the most effective approach is to work with an agent who is actively monitoring new Power of Sale listings as they hit MLS, since timing and offer conditions on these transactions can differ somewhat from a standard resale. Getting pre-approved before you start looking also helps you move quickly once a suitable property appears.
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Related: Bank-Owned & Power of Sale Properties in Ontario | Buyer Closing Checklist